SpiritSwap is a decentralized exchange (DEX) on the Fantom blockchain. SpiritSwap’s design was initially based on the Uniswap constant product automated market maker (AMM) and PancakeSwap. So what makes SpiritSwap stand out? Let’s find out with Weakhand.
And to understand more about SpiritSwap, please read the articles below:
- Operating mechanism: Uniswap – From challenger to unique position
- What is Pancakeswap (CAKE)? Pancakeswap Cryptocurrency Overview
- What is Clipper? Clipper Cryptocurrency Overview
What is SpiritSwap?
Overview of SpiritSwap
SpiritSwap is a DEX decentralized exchange (AMM), a fork of Uniswap and PancakeSwap on the Fantom blockchain. SpiritSwap helps cTraders can easily swap between tokens with fast speeds, low fees, security, and limited Impermanent Loss (IL).
SpiritSwap combines solutions: Yield Farming, Liquidity pools, Lending and Borrowing, Stable Swaps, cross-chain bridges, veTokennomics, protocol rewards, leveraged trading, Limit orders, …. to provide users with the best experiences and services.
SpiritSwap features
- Swap: Trade token pairs in the Fantom ecosystem.
- Yield Farming: Provide liquidity to SpiritSwap to redeem SPIRIT-LP tokens and receive SPIRIT rewards token.
- Lending and Borrowing: Users participate in decentralized lending and borrowing on SpiritSwap.
- Bridge: spiritBridge is a cross chain bridge that helps transfer assets from other blockchains to the Fantom blockchain and others with fast speed, low fees and security.
- Liquidity pools: Users who provide LP liquidity and receive SPIRIT-LP tokens share the protocol’s transaction fees.
The SpiritSwap difference
SpiritSwap currently uses 2 types of AMM for swaps on the protocol.
- vAMM (variable AMM): used for swapping token pairs with strong changes. Use the formula x*y=K for swaps.
- sAMM: used to trade stable token pairs with a 1:1 direct exchange ratio.
- Protocol fees: includes vAMM fees and Stable Swap fees. Specifically: vAMM fees are 0.18% (25% distributed to holders inSPIRIT, 25% paid to protocol, 50% allocated to Vote; Stable Swap fees are 0.04% (50% distributed to inSPIRIT holders, 50% of fees will go directly to liquidity pool rewards).
SpiritSwap Development Roadmap
State 1: Initial launch (Q2 2021)
Launch of DEX functions: Staking, swapping and farming; Build community
Phase 2: Foundational work (Q2 2021)
Get sponsorship from Fantom Foundation; Update project Roadmap; Conduct Smart Contract Audit; Deploy more Pool Farms; Collaborate with other projects.
Stage 3: Extra features (Q2-Q3 2021)
Update and add features to the protocol; CEX listing; Set up a lending network “in DEX”; Set up a bridge in the DEX.
Stage 4: inSPIRIT (Q3 2021)
Launch inSPIRIT; Enhance and perfect Yield Farming.
Stage 5: Ongoing UI / Design updates/ DAO (Q4 2021)
Focus on improving the user interface
Stage 6: Improve capital use efficiency (Q1 2022)
Stage 7: SpiritSwap V2 (Q1-Q2 2022)
2.0 / V2 UI improvements
Stage 8: V2 Beta Launch (August – September 2022)
Stage 9: Upgrade V2.5 (August 2022 – June 2023)
Phase 10: DAO & on-chain governance (Q1-Q3 2022)
Core Team
Update…
Investor/Partner
Update…
Tokenomics
Information about SpiritSwap tokens
- Token name: SpiritSwap Token.
- Symbol: SPIRIT.
- Blockchain: Fantom Opera.
- Contract: 0x5cc61a78f164885776aa610fb0fe1257df78e59b
- Total supply: 1,000,000,000 SPIRIT
Token Allocation
Token Use Case
- Governance: Staking SPIRIT tokens will receive inSPIRIT tokens in return to participate in project governance.
- Staking: Stake SPIRIT and receive rewards from a portion of the platform’s revenue.
- Rewards: SPIRIT is used to reward liquidity providers (Liquidity Providers) when participating in providing liquidity as well as Farming on the platform.
SPIRIT Token Exchange
Currently SPIRIT tokens are being traded on exchanges: MEXC, CoinEx, Gate.io, SushiSwap, Spiritswap, OpenOcean, …
SpiritSwap Project Information Channel
- Website: https://app.spiritswap.finance/#/
- Twitter: https://twitter.com/Spirit_Swap
- Discord: https://discord.gg/8FGd4nFQdT
- Medium: https://spiritswap.medium.com/
- Telegram:
Summary
Hopefully this article will help you get the necessary information about SpiritSwap and make your personal assessment about the project before investing.